Yes, you can pay for renters insurance monthly, but you also have the option to pay on a yearly basis. When you buy renters insurance, your insurance company will give you two options:
- Pay your premiums (the cost of insurance) every month
- Pay upfront for a full year of coverage
A few insurers also give you the option to pay every six months or even quarterly.
Should you pay for renters insurance monthly or annually?
If you can afford to pay annually, you should do so. Most insurers lower the price of renters insurance if you pay for a full year upfront, so it’s a good way to save money.
However, renters insurance is very cheap (costing about $15 per month, or $180 per year), so the difference between the two options isn’t very large — it usually amounts to a few months’ premiums, which is equivalent to $30 to $40. If paying every month is a better option given your financial circumstances, you should feel free to do so.